RUSAL (00486.HK): Signs Heat System Connection Contract, 2026 Cap USD 16.5m
NewTimeSpace News: On 6 October 2026, United Company RUSAL, international public joint-stock company (stock code: 00486) announced that RUSAL Taishet Aluminum Plant LLC, a member of the Group, entered into the Connection of Heat System Contract on 5 October 2026 with JSC "Baikalenergo", an associate of En+, for the purchase of services for technological connection to heating networks, with estimated consideration payable excluding VAT of USD 231,157 for 2026 and USD 124,469 for 2027 and a scheduled termination date of 31 October 2027.
The announcement showed that, pursuant to Rule 14A.81 of the Listing Rules, the contract is aggregated with the Previously Disclosed Connection Related Contracts, with annual aggregate transaction amounts (annual caps) of approximately USD 16.477 million and USD 288,819 for the financial years ending 31 December 2026 and 31 December 2027 respectively. As the applicable percentage ratios of the continuing connected transactions exceed 0.1% but are less than 5%, the transactions are subject only to the announcement requirements under Rules 14A.35 and 14A.68 and the annual review requirements under the Listing Rules, and are exempt from the circular and independent shareholders' approval requirements.
The connection to the heating network is necessary for building a social facility comprising a pre-school education centre for 270 children without a swimming pool, and the Company conducted an open competitive tender published on the electronic trading platform TenderPro (id 1171076), under which JSC "Baikalenergo" was confirmed as the winning bidder as the sole party submitting a bid. JSC "Baikalenergo" is an indirect subsidiary of En+, which holds more than 90% of its issued share capital and is a substantial shareholder of the Company, and is therefore a connected person of the Company. Vladimir Kolmogorov, a non-executive Director who is also general director of En+, did not vote on the board resolution approving the contract.
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